The smart real estate – the essence of low real estate taxes
Special Correspondent
Jan. 13, 2007

What can you do to lower your real estate taxes?

It is estimated that in America real estate taxes will go up three to five times in the next fifteen years. A standard household paying $10,000 in real estate taxes may end up paying $30,000 in the next fifteen years. The communities that support school systems (not adult housing facilities) will see an even higher escalation of home prices.

Every state has its own law. These laws are somewhat similar across the board. It is essential you understand real estate tax assessments, valuation (appraisal) of properties and tax rate of the communities where you plan to live or invest.

Can you live with paying minimal real estate taxes? It is known that many families became rich by owning large real estates for a long time and by paying minimal taxes. You cannot break the law. You will lose the property through foreclosure in that case. But you can become prudent.

If you or your spouse is a veteran, you get real estate tax break. If you are a senior citizen, you get tax break. The biggest tax break comes from owning farm estates and forests. In most states, if you own 5 acres or more and can generate $500 or more in farm income, you pay minuscule real estate tax. You can partner with a farmer who will cultivate the land for you and pay you 50% of the farming proceeds.

If you have religious structures, affiliations and services in your estate, you also pay minuscule tax in many cases.

The first thing you must do is to know your local tax assessor very well. They are the ones who will assess the property valuation called assessment. The assessment is divided in two parts – land and improvement. Based on your assessment you pay a prorated tax amount per year.

You can cause trouble for yourself if you are not careful about adding structures to your existing property. Talk to your tax assessor first. If you are not shrewd, your taxes can go up very heavily.

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